The ink was barely dry on President Trump’s cannabis rescheduling order when the same question started bouncing around boardrooms, Discords, and trader timelines:
Does this mean cannabis can finally uplist to the NYSE or Nasdaq?
Short answer: no.
Longer answer: also no, and maybe stop treating Wall Street like it’s the finish line.
Schedule III moves cannabis to a different column in a federal spreadsheet. It does not legalize the plant. It does not reconcile state markets with federal law. It does not protect operators, consumers, or patients from prohibition.
What it does is change the number next to the word “marijuana.”
That’s it.
The uplisting fantasy
Major U.S. stock exchanges do not operate on vibes, hope, or Twitter threads. They operate on legality.
Cannabis remains illegal under federal law. Schedule III does not change that. Cultivation, distribution, and sale are still prohibited outside narrow federal channels that state-legal operators do not exist within.
So no, this is not a green light for Nasdaq. It is not even a cautious nod.
That does not mean uplisting will never happen. It means anyone pretending it suddenly became simple is guessing, speculating, or selling a story they want to be true.
And here’s the part nobody likes to say out loud.
Even if uplisting were magically unlocked tomorrow, it would not fix the core problem facing cannabis in America.
What actually changed
Schedule III does one very real thing.
It likely kills 280E.
That matters. That is money. That is oxygen.
Operators may finally deduct ordinary business expenses like every other regulated industry. Cash flow improves. Margins stabilize. Some companies survive that otherwise would not have.
That is not nothing.
But it is also not freedom.
It is relief inside a system that still criminalizes the plant …
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Author: High Times / High Times
